DOW JONES NEWSWIRES
Illinois Tool Works Inc.'s (ITW) revenue fell 24% during the
three months ended July 31, though the diversified manufacturer saw
modest improvement from the second quarter as demand showed more
signs of stabilizing.
The bellwether maker of products ranging from fasteners to
foodservice and welding equipment has been at the front lines of
the sputtering economy's toll on the industrial sector as customers
sharply reduced orders starting late last year.
Shares were down 2.9% at $40.11 in recent premarket trading.
The diversified manufacturer also affirmed its third-quarter
earnings and revenue forecasts.
Excluding the effects of currency translation and acquisitions,
Illinois Tool Works said revenue for the most recent three-month
period declined 21%, falling 34% at its industrial packaging unit,
39% at its power systems and electronics business and 32% at its
construction products unit.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
tess.stynes@dowjones.com